Client hd this land for years thinking she may build on it, but didn't. She built elsewhere. She is keeping the land for her children so they can eventually sell it for college tuition for her kids. (She'll probably be long gone before the kids go to college). Can she us the taxes on Schedule A?
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Still Here!!!!!!
Yes, I am here!!!! I have been real sick and didn't know I was obligated to report on my whereabouts. And yes, I did research already and wanted to see if there were other thoughts about the question. Thanks to whoever responded!Comment
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Ruth, sorry you were sick and I don't think anyone attacked you. I believe you even would have gotten a straight answer had you started your post that you were sick and appreciated fast help with this. Yes, land taxes are deductible on Sch. A if no election is made to capitalize.Comment
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Thank You!
Thanks a lot Gretel for your response. However, I don't believe I had to say I was sick and needed a fast response to get a straight answer. I would think anyone that asks a question during tax season would like a quick response. But I was not working on that tax return due to illness so I could wait for an answer. I had looked at the TTB book, but wanted another response if possible. You gave it to me and I really appreciate it. Thanks again!Comment
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If client has "had this land for years", shouldn't this question have been asked and answered long ago? For purposes of due diligence, I'd at least ask the taxpayer a few more questions about the history of why the tax has not been claimed (assuming you would not have asked your question if you saw it claimed on prior returns?)
Through tax year 2017, any ad valorem real property tax paid anywhere in the world is a potential deduction on Schedule A, no matter how many properties. Under new law, beginning 2018 foreign property tax is excluded and total SALT is limited to $10K, so her tax deduction may not be of much value now."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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Making another attempt to talk to you as a human being to a human being (and not just giving a straight answer). I only responded at all because of what you said about you. Another reason to solicit a response from me is if the poster says something regarding their own effort, or better yet, make a suggestion and ask if someone agrees or disagrees.Comment
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This is a new client. The prior preparer did take the tax deduction and I wasn't sure if it was correct. I then started checking and thought I could ask the question here even after doing and while still doing any research. Thanks again for everyone's response.Comment
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